Last week, BV Bank, which focuses on the Brazilian auto loan sector, announced that it is testing a tokenized system to automate the auto sales and financing process, according to Odaily Planet Daily. The test, conducted in conjunction with Consensys and Parfin, the platform’s smart contract provider and designer, will evaluate the benefits of using tokenized currencies for car payments.
The first phase of the test involves using tokenized currency and digital certificates of car ownership to accelerate consumer-to-consumer car transactions in a simulated environment. These tests are intended to provide a working platform to speed up related operations after the launch of Brazil's central bank digital currency, Drex.